Walkable Neighborhoods Increase Real Estate Demand

Properties in walkable urban neighborhoods bolster development and stimulate housing sales, according to George Washington University real estate research professor Christopher B. Leinberger. His study on the District of Columbia’s walkable urban communities, titled “DC: The WalkUP Wake-Up Call,” forecasts that the next real estate trend will be leaning toward pedestrian-friendly property locations. According to Walkabilityasia.org, walkability gauges the conduciveness of a place for pedestrian activity and movement. Walkscore.com further reports that in order for a community to claim a favorable rating, it must have several specific facilities. They include: a center, which could be a main road or a public facility; frequently running public transportation and an adequate population for businesses to thrive; affordable housing that is near business centers, workplaces, and schools; and the availability of venues to gather and play as well as dedicated lanes for bicycles, pedestrians, and public transport. Meanwhile, a number of factors are triggering this emerging walkability phenomenon in the real estate business. One of the main reasons is that such developments cater to today’s existing trend toward healthier lifestyles. | Read More